Western Africa: Cocoa Bean Market 2024

Cocoa Bean Market Size in Western Africa

The West African cocoa bean market reached $X in 2022, picking up by X% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Cocoa Bean Production in Western Africa

In value terms, cocoa bean production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Cote d'Ivoire (X tons) constituted the country with the largest volume of cocoa bean production, accounting for X% of total volume. Moreover, cocoa bean production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Ghana (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume in Cote d'Ivoire amounted to X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Nigeria (X% per year).

The average cocoa bean yield shrank to X kg per ha in 2022, reducing by X% on the previous year. Over the period under review, the yield saw a slight decrease. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of yield peaked at X kg per ha in 2012; however, from 2013 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of cocoa beans in Western Africa expanded rapidly to X ha, increasing by X% against the previous year. The harvested area increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to cocoa bean production attained the maximum at X ha in 2020; however, from 2021 to 2022, the harvested area remained at a lower figure.

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Cocoa Bean Exports

Exports in Western Africa

In 2022, approx. X tons of cocoa beans were exported in Western Africa; which is down by X% compared with the previous year. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2021, and then declined in the following year.

In value terms, cocoa bean exports contracted dramatically to $X in 2022. In general, exports recorded a slight downturn. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then contracted markedly in the following year.

Exports by Country

Cote d'Ivoire was the main exporter of cocoa beans in Western Africa, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Ghana (X tons) and Nigeria (X tons), together committing a X% share of total exports. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Guinea lagged somewhat behind, accounting for a further X%.

Among the main exporting countries, Guinea, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, with a decrease of X% against the previous year. Overall, the export price saw a noticeable decline. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Ghana ($X per ton) and Guinea ($X per ton), while Nigeria ($X per ton) and Cote d'Ivoire ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced a decline in the export price figures.

Cocoa Bean Imports

Imports in Western Africa

After two years of decline, overseas purchases of cocoa beans increased by X% to X tons in 2022. In general, imports, however, showed a pronounced decrease. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, cocoa bean imports declined to $X in 2022. Overall, imports, however, saw a noticeable reduction. The growth pace was the most rapid in 2017 when imports increased by X%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the one major importers of cocoa beans, namely Ghana, represented more than two-thirds of total import.

Ghana was also the fastest-growing in terms of the cocoa beans imports, with a CAGR of X% from 2012 to 2022. Ghana (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported cocoa beans in Western Africa.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana amounted to X%.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, declining by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Ghana.

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to X% per year.

Source: IndexBox Platform

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